Distraint set on Romanian energy major's shares over state debt to business brothers

The business people of Romanian origin known as the Micula brothers and their companies have managed to set a distraint on 67 million shares held by the Romanian state in major energy company Nuclearelectrica. This comes as coverage for a debt amounting to Eur 395 million the Romanian state has to pay the Miculas.

The stock has a nominal value of 10 lei/share, which means the distraint covers 27% of the stock held by the Economy Ministry in the energy company.

The Miculas, who are Swedish citizens, have won a case against the Romanian state at the International Court of Arbitration and are due to receive this compensation. Originally, the debt of the Romanian state amounted to Eur 84.5 million, with the rest to 395 million resulting from interest and penalties.

As the Romanian state has failed to pay the debt, the Miculas eyed state companies. Another collateral victim in the story is air traffic authority Romatsa.